Homework Answers
| Date | Account | Debit | Credit |
| Apr 1 | franchise | 144,000 | |
| Cash | 144,000 | ||
| Dec 31 | Franchise amortization fee | 12,000 | |
| Franchise | 12,000 | ||
| (144,000/12) |
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Question 1 Ayayai Corporation obtained a franchise from Kingbird Inc. for a cash payment of $144,000 on April 1, 2020....
Pina Corporation obtained a franchise from Kingbird Inc. for a cash payment of $115,200 on April...
Pina Corporation obtained a franchise from Kingbird Inc. for a cash payment of $115,200 on April 1, 2020. The franchise grants Pina the right to sell certain products and services for a period of 8 years. Prepare Pina’s April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for...
Question 1 Culver Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of...
Question 1 Culver Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $180,000 on April 1, 2017. The franchise grants Culver the right to sell certain products and services for a period of 12 years. Prepare Culver's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select...
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017, by signing a $57,320, 3-month,...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Ayayai Corporation owns a patent that has a carrying amount of $250,000. Ayayai expects future net...
Ayayai Corporation owns a patent that has a carrying amount of $250,000. Ayayai expects future net cash flows from this patent to total $200,000. The fair value of the patent is $130,000. Prepare Ayayai's journal entry to record the loss on impairment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Kingbird, Inc. borrows $64,800 on July 1 from the bank by signing a $64,800, 10%, 1-year...
Kingbird, Inc. borrows $64,800 on July 1 from the bank by signing a $64,800, 10%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles...
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The...
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Ayayai Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful ife of 7 years with no salvage value. Assume that at December 31, 2017, Ayayai made an adjusting entry to accrue interest expense of $18,108 on the lease. Prepare Ayayai's Jamuary 1, 2018, journal entry to...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepar...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
On January 1, 2020, Kingbird, Inc. issued $2,680,000 face value, 12%, 10-year bonds at $2,534,577. This price resulted...
On January 1, 2020, Kingbird, Inc. issued $2,680,000 face value, 12%, 10-year bonds at $2,534,577. This price resulted in an effective-interest rate of 13% on the bonds. Kingbird uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account...
Kingbird, Inc. issued 3,300,7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid...
Kingbird, Inc. issued 3,300,7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 cash Bonds Payable e Textbook and Media List of Accounts Your answer is partially correct. Prepare the adjusting...
Ayayai Corporation purchased Kingbird Company 3 years ago and at that time recorded goodwill of $300,000....
Ayayai Corporation purchased Kingbird Company 3 years ago and at that time recorded goodwill of $300,000. The Kingbird Division’s net assets, including the goodwill, have a carrying amount of $650,000. The fair value of the division is estimated to be $590,000. Prepare Ayayais' journal entry, if necessary, to record impairment of the goodwill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
Question 1 Culver Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $180,000 on April 1, 2017. The franchise grants Culver the right to sell certain products and services for a period of 12 years. Prepare Culver's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Ayayai Corporation owns a patent that has a carrying amount of $250,000. Ayayai expects future net cash flows from this patent to total $200,000. The fair value of the patent is $130,000. Prepare Ayayai's journal entry to record the loss on impairment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Kingbird, Inc. borrows $64,800 on July 1 from the bank by signing a $64,800, 10%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles...
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Ayayai Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful ife of 7 years with no salvage value. Assume that at December 31, 2017, Ayayai made an adjusting entry to accrue interest expense of $18,108 on the lease. Prepare Ayayai's Jamuary 1, 2018, journal entry to...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
On January 1, 2020, Kingbird, Inc. issued $2,680,000 face value, 12%, 10-year bonds at $2,534,577. This price resulted in an effective-interest rate of 13% on the bonds. Kingbird uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account...
Kingbird, Inc. issued 3,300,7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 cash Bonds Payable e Textbook and Media List of Accounts Your answer is partially correct. Prepare the adjusting...
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